Inflation in Australia has accelerated by 2.1 percent during the first quarter of the year, bringing the annual inflation rate to 5.1 percent.
The Australian Bureau of Statistics (ABS) revealed that this was both the highest quarterly and annual consumer price index increase since the introduction of the goods and services tax (GST) in July 2000.
The most significant contributors to inflation in the March quarter were new homes, fuel, and tertiary education.
The ABS also noted that builders have been able to pass on construction costs to home buyers as demand for new dwellings remained elevated.
“Continued shortages of building supplies and labour, heightened freight costs, and ongoing strong demand contributed to price rises for newly built dwellings,” ABS Head of Price Statistics Michelle Marquardt said.
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